alt Hacker NewsAside from the fact that you have no real job security anywhere, people take FAANG jobs for money. Both the high pay at the company itself, and the idea that once FAANG is on your resume, it will command the best jobs afterwards too.
I think they have to pay that high because the work sucks so much in reality. That's the equilibrium point between the demand for people to work there, and the supply of people willing to put up with it.
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I'm choosing to leave a job in tech in academia after 15 years.
If I wanted to, I could stay here until I retire (in another 20+ years), barring the complete destruction of the university I work for.
The position I'm moving to is also in academia (this time public sector in the EU), and I'm given to understand that as long as I can make it through the probationary first year, so long as I keep doing a halfway decent job there I can stay there for as long as I want, too. (We will, of course, have to see how true that is!)
Job security does exist; you just have to be willing to leave the Silicon Valley bubble.
I had good job security doing in house IT for some companies. Never have seen anyone being laid off, could've stayed there for years to come, the stuff I've built was actively being used and made work easier for people. The domain knowledge I gathered even strengthened my job security as it was more efficient to pay me over having to re-train other people. The only risk to my job was me as I left for a startup after a while. Sure, pay wasn't that high compared to FAANG but at least I didn't make peoples life worse while also hating my job.